President Joe Biden is reassuring Americans his plan to raise taxes on the wealthy and corporations to support his infrastructure plan is “not punishing anybody.”
“Let me ask you, what’s better for America? A tax cut and make corporations richer and CEOs richer or investments that are going to make our country stronger, more competitive, and lift up the standard of living for everybody?” Biden said while delivering remarks on Thursday.
He added, “This is not punishing anybody. All those folks are still going to have two homes or three homes and their jets — won’t matter. Not going to change their standard of living one little bit.”
Watch his remarks below:
Biden on raising taxes on the wealthy and corporations to support his infrastructure plan: "This is not punishing anybody. All those folks are still going to have two homes or three homes and their jets — won't matter. Not going to change their standard of living one little bit." pic.twitter.com/3Zrq2M8tXG
— CBS News (@CBSNews) May 6, 2021
The president delivered a similar message earlier this week during a press conference promoting the American Families Plan, as IJR reported.
“I don’t want to punish anybody, but everybody should chip in. Everybody should pay something along the road here,” Biden said.
He explained it is necessary to make “everybody pay their fair share.”
“Do we want to give the wealthiest people in America another tax cut? Or do you want to give every high school graduate the ability to earn a community college degree?” Biden asked.
He continued, “Is it more important to keep these tax loopholes for millionaires — for good people, not bad folks — or would we rather put $7,200 in the pockets of working moms and dads every year if they have two children?”
BIden plans to pay for his $2.3 trillion infrastructure plan by reversing tax cuts implemented by Trump and raising the corporate tax rate from 21% to 28%.
Senate Minority Leader Mitch McConnell (R-Ky.) voiced his opposition to Biden’s plan, “We’re open to doing a roughly $600 billion package, which deals with what all of us agree is infrastructure and to talk about how to pay for that in any way other than reopening the 2017 tax reform bill.”